USA Technologies Expands "JumpStart" Cashless Vending Program
Approximately 12,300 ePort Cashless Transaction Devices Committed to Date; More Program Options; G8 Now Included in Offering
MALVERN, PA, May 24, 2010 -- USA Technologies, Inc. (NASDAQ: USAT) announced today the expansion of its JumpStart cashless vending program. In addition to the ePort EDGE® terminal, the Company is adding the ePort G8 terminal to the JumpStart program, and giving customers the option of participating in both the traditional 'no purchase' plan and a new 'GoBo' (Get One, Buy One) plan option which enables customers to receive hardware devices free of charge if they commit to purchasing the same number of devices by December 31, 2010.
JumpStart was originally designed to help vending operators and bottlers acquire the ePort EDGE cashless terminal at no cost, paying only a low monthly service fee, and avoiding the need to make a major upfront capital investment. The ePort EDGE, which accepts swipe cards only, we believe is the only one-piece cashless reader and controller combo on the vending market. The ePort EDGE has PCI Level One compliant security.
"As of today, our customers have committed to take approximately 12,300 devices under the JumpStart program, and interest in the program continues to grow," said Stephen P. Herbert, President & COO, USA Technologies. "We expanded the program to include the ePort G8, which accepts all forms of cashless and contactless payment, and an alternate way to participate through the GoBo program, in response to customer requests for more options."
The JumpStart package also includes the ePort Connect® services package for wireless connectivity, card processing, consumer services, online reporting, and over-the-air machine alerts.
"With ePort Connect®, we take care of everything for our customers, from merchant account set-up, wireless SIM activation, to business deployment planning and 24x7 customer service and support," said Herbert. "Alternative solutions now in the marketplace require customers to engage with multiple service providers - such as a wireless company, credit card company, and hardware providers - in order implement cashless, or to get help or answers. We believe that our ability to bundle our solutions, as well as tailor them to individual customer needs, results in a service unmatched in the vending market today."
"The JumpStart program is helping our Company accelerate the deployment of the ePort Cashless Payment System in our vending machines," said Vic Pemberton, President of Pepi Food Service. "Because we have no capital outlay, we can install ePorts® quickly and enjoy the benefits right away. And with USAT helping us with deployment planning, we know we are putting the ePorts® where they will make us the most money."
The expanded JumpStart offerings, together with the many services, productivity and efficiency tools that USAT offers as part of its comprehensive service offering, we believe makes the company the only one-stop, turn-key cashless solutions provider to the vending industry.
The JumpStart program has contributed to the number of cashless connections USAT has added to its USALive® Network, and accounts for approximately 79 percent of ePort® unit shipments during the quarter ended March 31, 2010. As of March 31, 2010, there were approximately 73,000 devices connected to the Company's USALive® Network, surpassing the Company's anticipated goal of 71,000 connected devices.
The Company's customer base on the USALive® Network has increased to more than 900 as of March 31, 2010, with 125 new customers added during the three months ended March 31, 2010.
To learn more about the JumpStart Program, contact a USA Technologies, Inc. representative at 800-633-0340.
Forward-looking Statements:
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the financial position, anticipated connections to our network, business strategy and the plans and objectives of the Company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business, financial market and economic conditions, including but not limited to, the ability of the Company to retain key customers from whom a significant portion of its revenues is derived; the ability of the Company to compete with its competitors to obtain market share; the ability of the Company to obtain widespread commercial acceptance of it products; and whether the Company's existing or anticipated customers purchase ePort devices in the future at levels currently anticipated by the Company. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, the Company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
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